Billionaire Tom Steyer On Money In Politics, Spending $74 M On The Election

(Photo: Associated Press/Scott Condon)

Katia Savchuk
,
Forbes Staff
I write about billionaires and entrepreneurs around the world

Liberal billionaire Tom Steyer has poured nearly $74 million into tomorrow's midterm elections, more than any other donor who disclosed contributions. The former hedge fund manager from San Francisco pumped the vast majority of those funds — nearly $67 million — into his super PAC, NextGen Climate Action.

Steyer launched the group last year to back politicians who promise to tackle climate change. He's supplied more than 80% of the super PAC 's funding, adding another $16 million to its coffers just three weeks before the election. NextGen Climate Action has spent $57 million to date, with the biggest sums going to oppose Senate bids of Republicans in Colorado, Iowa, Michigan and New Hampshire.

Another $1.8 million of Steyer's donations went to CE Action Committee, a second super PAC he founded, which helped elect Democrat Ed Markey of Massachusetts to the Senate in a special election last year. Steyer also gave $5 million to the Democratic Senate Majority PAC.

Steyer made his fortune running Farallon Capital Management, a hedge fund firm he founded in 1986. He was also a managing director at private equity firm Hellman & Friedman. He retired in 2012 at age 55. FORBES estimates that his net worth is $1.6 billion.

Steyer has been involved in politics for many years. He was a delegate to the Democratic National Convention in 2004 and 2008 and a major fundraiser for President Obama. In 2010, he worked with former Secretary of State George Shultz to defeat California's Proposition 23, which tried to suspend the state's watershed climate change law. In 2012, he co-chaired a committee backing a successful California ballot measure to create clean energy jobs. Last year, in addition to backing Markey, he supported the successful bid of Terry McAuliffe to become governor of Virginia.

Less than two days before the election, FORBES asked Steyer about his donations, money in politics and what's in store for him after Nov. 4:

You’ve given more than any other donor this election. Why invest that money in electoral politics rather than advocacy or philanthropy?

Climate change impacts us all, and we must each make personal decisions about how we live, spend and work to preserve our planet. But beyond these private decisions, one thing has become abundantly clear: the time to act politically to avert climate disaster has arrived. As a nation, we must chart a different course, one that preserves our prosperity and empowers American businesses to create jobs while building the clean energy future our kids deserve.

In addition to founding NextGen Climate, my wife [Kat Taylor] and I took the Giving Pledge in 2010 and have decided to give away the bulk of our financial blessings to philanthropy and public interest causes, such as One Pacific Coast Bank, the community development bank that makes capital accessible to historically underserved communities to promote economic development.

What first sparked your concern with climate change, and why have you chosen to focus on that issue?